The transfer saga of Arsenal striker Folarin Balogun looks set to come to a close.

After being linked with a number of clubs over the summer including Inter Milan, Chelsea and even Tottenham Hotspur, Balogun is now closing in on a move to Ligue 1 side Monaco.

According to RMC Sport journalist Fabrice Hawkins, Arsenal and Monaco have reached an agreement over the sale of Balogun for a fee of €45 million ($48 million) with bonuses included. It will be a five-year contract with a few details still left to settle before it becomes official.

The news was backed up by football insider Fabrizio Romano who added that negotiations were advancing to the final stages with contact ongoing tonight.

If it goes through, it will remarkably be a record transfer sale for the Gunners. Their current record sale was when former England international Alex Oxlade-Chamberlain was sold to Liverpool for a fee of £35 million ($44 million) back in 2017.

Balogun was back with the Gunners after a stellar 2022/23 campaign on loan at Ligue 1 side Stade Reims where he scored 22 goals in all competitions.

However, with his desire to play first team football on a permanent basis and club competition in the form of Gabriel Jesus and Eddie Nketiah, Balogun has not featured for the North London side this season as a departure looked all but guaranteed.

While it'll be a blow to lose an academy striker, it's softened by the fact that he'll at least be playing in abroad in France rather than a direct rival in Chelsea or Spurs.